问一道题：NO.PZ2019042401000002

问题如下：

There are several statements with respect to adjusting the optimal portfolio for portfolio constraints:

I.     first refining the alphas and then optimizing

II.    first optimizing and then refining the alphas

III.   it can consider constraints of both the investor and the manager.

V.    it can consider constraints of the investor, but not the manager.

Which of the following is correct:

选项：

None.

Both I and III.

Both I and V.

Both II and III.

解释：

B is correct.

考点：refining alphas & optimizing

解析：先refining alphas 然后 optimizing这种方法可以优化投资组合构建过程。 通过这种方法，可以同时考虑投资者和基金经理的约束。

statement I 正确，先refining alphas 然后 optimizing，这个顺序不要颠倒。statement III 正确，可以同时考虑投资者和基金经理的约束。所以选项B正确。